Residential construction spending down 8 percent from last year
Spending in January rose 5 percent from December but remains 64 percent below the peak in 2006.
This chart shows the total spending on private residential construction from December 1999 to January 2011. Spending in January was the highest it has been since June 2010.
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Today, the U.S. Census Bureau released their January read of construction spending showing near-cycle low levels of spending for residential construction while indicating a continued and notable decline for non-residential spending.
On a month-to-month basis, total residential spending increased 5.28% from December but remained 7.74% below the level seen in January 2010 and a whopping 63.70% below the peak level seen in 2006 while single family construction spending increased 0.83% since December but declined 6.7% since January 2010 and whopping 77.01% below it's peak in 2006.
Non-residential construction spending declined 6.94% since December, dropping 13.16% since January 2010 and a whopping 42.66% below the peak level reached in October 2008.
The following charts (click for larger dynamic versions) show private residential construction spending, private residential single family construction spending and private non-residential construction spending broken out and plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 – 2005.
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